Barry Minkow

After reading the case, it was truly fascinating how a very young man, Barry Minkow, could pull off such a huge fraud and how greed and audaciousness can make someone become so unethical. The fact that a young man had a goal and would do everything and anything to make sure he reaches his goal led him to commit fraud through his fake insurance restoration business. It all started when he was 15 years old and was driven to be successful, so he began a carpet cleaning business but soon came to realize

Barry Minkow – Misrepresentation and Ponzi in 1987 Establishment of ZZZZ Best Company When he was a sophomore in high school, Barry Minkow founded a carpet cleaning company - ZZZZ Best Company in his parents’ garage. At that time, the carpet cleaning industry has few entry barriers and all Minkow needed was a small amount of start-up capital. However, he soon found out that his firm was actually tough to survive in the industry as the ease of entry means fierce competition. The young man encountered

best was Barry Minkow. He was a very smart young entrepreneur when he started the company. He was involved in credit card forgeries prior to starting his own carpet cleaning business “ZZZZ Best Company”. Minkow began his business with small carpet cleaning jobs and he became a multimillionaire in a very short period of time. Minkow met a person named Tom Padgett at Los Angeles Health club. This was the beginning of Minkow's big fraud scheme. Padgett was the insurance claims adjuster and Minkow became

Synopsis of the Situation Founded in 1954, the Lennar Company is known as one of the largest homebuilders in the United States along with being a provider of financial services. After listing its common stock on the New York Stock Exchange, Lennar saw momentous growth notably in the 80’s and 90’s but in particularly with the acquisition of Pacific Greystone Corporation. Also in 1997, Lennar saw the completion of their spin-off LNR Property Corp. Furthermore, in 2000 Lennar acquired U.S Home Corp;

Kathleen Ng ACCT 4501W Case Analysis 1 ZZZZ Best Company, Inc. ZZZZ Best Company, Inc. was founded by Barry Minkow in the fall of 1982, located in San Fernando Valley of Southern California. At this time, he was 16 years old and started a small carpet cleaning operation out of his parent’s garage. Due to client complaints and competition, he was short of capital and needed money but was unable to get help from banks due to low profitability. This led him to think of other ways to finance his business

ZZZZ Best, a carpet cleaning company, was founded by Barry Minkow in 1982 in Reseda, California. Barry always wished to succeed in business and become the American Dream of financial success. When he was nine years old, he worked as a telemarketer in a carpet-cleaning business. Six years later, when he was only sixteen years old, he began his personal carpet business in his parent’s garage in Los Angeles (ZZZZ Best Case Places SEC Procedures Under Scrutiny). He had three employees and was considered

Inc. The start of ZZZZ Best: ZZZZ Best started as a carpet cleaning company. Barry Minkow founded ZZZZ Best in his parents’ garage in 1982 when he was only sixteen years old. Due to high competition in the industry, low enter barriers, and bad internal control, this young entrepreneur started to have cash flow problems, and a shortage of working capital. Pressure Leads to Fraud: Under financial pressure, Minkow started to commit fraud. He forged credit card applications, staged theft, used

boy from Reseda, California who was driven to be successful regardless of the costs. His name is Barry Minkow. Minkow had high hopes to make it big – to be a millionaire very early in life. He started a carpet cleaning business in the garage of his home. Minkow realized early on that he was not going to become a millionaire cleaning other people’s carpets. He had bigger plans than that. Minkow was going to make it big in the insurance restoration business. In other words, ZZZZ Best would contract

Introduction At the Age of 15, Barry Minkow founded ZZZZ best, a carpet cleaning business he ran out of his garage. Within 6 years, Barry had turned his small business into a 200 Million dollar company (Elmer-DeWitt & Brown, 1987). On paper, Barry was worth 109 Million dollars, and his success and philanthropy had garnered him the attention of numerous business and government leaders. Barry was a pillar of the L.A community. He coached softball and was an active donor to the local YMCA and drug

ZZZZ Best Company Fraud Case Study 1) At an early age, Barry Minkow was introduced to the carpet cleaning industry by his mother who worked part time as a telephone solicitor for a small carpet cleaning company. This insight of the industry allowed Minkow to understand that the carpet cleaning industry was one which had very few barriers to entry, no licensing requirements, and required only a small amount of capital to enter. Also, because of these few barriers to entry, the industry has historically